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Krimmeni Technologies Raises $11.7M in Series A Venture Financing Round

Krimmeni Technologies (Kt), a cyber-security firm developing ultra-secure communication technologies for Cloud-based data centers and the emerging Internet of Things (IoT) market, announced today it secured $11.7 million in Series A funding from Third Point Ventures and Pelion Venture Partners. Third Point Ventures Managing Partner Robert Schwartz and Pelion’s Managing Director Carl Ledbetter will join Kt’s board of directors.

Total invested capital in Kt, including a previous angel round, now totals $12.9 million. Kt will use the new funds to accelerate development of low-cost and low-power platform security products based on a scalable architecture that leverages both hardware and software. The company also plans to expand marketing and sales operations as well as its R&D group in Austin, Texas.

Kt’s vision is that Cloud-based data centers require next-generation secure communications technology based on both hardware and software to protect against sophisticated attacks that attempt to steal highly confidential and critically valuable data from financial firms, government institutions and individuals.

In addition, the company recognizes that data centers need an easy-to-implement, low-cost and low-power methodology to securely network with billions of unsecured devices with computing and communications capabilities -- ranging from embedded controllers in industry to thermostats in the home, wearable fitness devices and automotive sensors. This phenomenon -- known as the Internet of Things (IoT) -- is widely expected to be a huge market opportunity and the next big wave in technology.

“Security solutions based on software alone are insufficient to protect against pernicious attacks from highly sophisticated hackers,” said David Lundgren, CEO of Krimmeni Technologies. “Legacy key-based security solutions are deployed mostly in low-volume applications because their complexity and cost make them unattractive solutions for cost-sensitive data center and IoT deployments. Our security offering, which is backwards compatible and capable of being updated in real time, offers a combination of performance, cost and power that are orders of magnitude more attractive than existing solutions.”

"Third Point Ventures is excited to partner with Krimmeni Technologies and help the company accelerate adoption of its highly innovative encryption technology,” said Managing Partner Robert Schwartz. “With its seasoned management team and cutting-edge technology, Krimmeni is well positioned to impact and change the landscape of the large and growing security market.”

“Krimmeni's approach embeds a fraction of the encryption methodology on chip in a device,” said Carl Ledbetter, Managing Director of Pelion Venture Partners. “This enables an innovative and highly scalable method of protecting encryption keys and other sensitive data across the spectrum of connected endpoints, from the largest data centers all the way down to the smallest IoT (Internet of Things) devices.”

Published Wednesday, October 29, 2014 6:55 PM by David Marshall
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